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During estate planning, trust beneficiaries may have questions

When thinking about end-of-life wishes and property distribution, many Arkansas residents may find it helpful to include family members in the conversation. Often, estate planning affects various members of the family, and it can be wise to allow those individuals to have the opportunity to ask questions. In particular, parties who will be trust beneficiaries may need specific information.

Some beneficiaries may wonder why assets are being placed into a trust and not simply bequeathed in a will. This can happen because grantors want to better protect assets from outside parties or even to ensure that assets are used for a specific purpose. Explaining the intention and purpose of a trust to beneficiaries could help them understand its benefits and why the grantor chose to take this route.

It is also common for beneficiaries to want to know who will be in charge of the trust. Some trusts only have a trustee to manage and administer assets, but in other cases, other parties may have roles associated with the trust. Beneficiaries often must work with these parties during trust administration so it is wise for them to know who holds these roles.

Estate planning can take time, and the input of loved ones may influence some decisions and clarify certain choices. Providing information to trust beneficiaries could also lessen the likelihood of confusion and potential conflict when it comes time to administer the estate. Providing correct information is best, so if Arkansas residents need to answer questions about their trust intentions, they may want to ensure that they obtain the right information from reliable legal resources.

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